Skipton Building Society is reducing rates to all two, three and five-year residential fixed rate mortgages up to 80% LTV and introducing new two, three and five-year products to 60% LTV. 

Rates on Skipton’s fixed rates products are dropping by up to 0.40 percentage points.

The range includes a new two-year fixed rate mortgage which offers a lower fee and more competitive rate than its previous equivalent.

Kris Brewster, the society’s head of products, said: “We’re extremely pleased to announce rate reductions on our mortgage range, which offers fee and rate options to suit a number of different borrower requirements.

“The wide range of products we now have on offer at very competitive rates means that Skipton is well-placed to help anyone in the residential housing market.

“We’re continuing to lend strongly, in line with our commitment to doing everything to help borrowers, and the ongoing popularity of our products is a reflection of that.

“By reducing all two, three and five-year residential fixed rates up to 80% LTV and introducing new two, three and five-year products to 60% LTV we are creating more choice for our customers who have worked hard to build equity or have a substantial deposit.”

Key product changes :Two-year residential fixes

• 2 Year Fix at 2.35% (new product) to 60% LTV with a £195 application fee and a £300 completion fee;
• 2 Year Fix at 2.59% (was 2.99%) to 60% LTV with no application or completion fee;
• 2 Year Fix at 2.35% (was 2.59%) to 70% LTV with a £195 application fee and an £800 completion fee;
• 2 Year Fix at 2.55% (was 2.65%) to 75% LTV with a £195 application fee and an £800 completion fee;
• 2 Year Fix at 2.69% (was 2.79%) to 75% LTV with a £195 application fee and a £300 completion fee;
• 2 Year Fix at 2.95% (was 3.05%) to 75% LTV with no application or completion fee;
• 2 Year Fix to 2.85% (was 3.09%) to 80% LTV with a £195 application fee and an £800 completion fee;
• 2 Year Fix at 2.99% (was 3.29%) to 80% LTV with a £195 application fee and an £300 completion fee;

Three-year residential fixes

• 3 Year Fix at 2.65% (new product) to 60% LTV with a £195 application fee and an £800 completion fee;
• 3 Year Fix at 2.88% (was 3.08%) to 60% LTV with no application or completion fee;
• 3 Year Fix at 2.99% (was 3.08%) to 75% LTV with a £195 application fee and an £800 completion fee;
• 3 Year Fix at 3.15% (was 3.28%) to 75% LTV with no application or completion fee;
• 3 Year Fix at 3.48% (was 3.59%) to 80% with a £195 application fee and a £300 completion fee;

Five-year residential fixes

• 5 Year Fix at 3.45% (new product) to 60% LTV with a £195 application fee and an £800 completion fee;
• 5 Year Fix at 3.55% (was 3.64%) to 75% LTV with a £195 application fee and an £800 completion fee;
• 5 Year Fix at 3.75% (was 3.84%) to 75% LTV with no application or completion fee;

Criteria applicable to all of the above products

• Early repayment charges of 3/2% until 31/08/16 (two-year fixes); 4/3/2% until 31/08/17 (three-year fixes) and 5/5/5/4/3% until 31/08/19 (five-year fixes), of capital repaid then interest to the end of the month;
• Overpayments of up to 10% per annum allowed without penalty;
• Available for purchases and remortgages;
• Free standard legals and valuations for remortgages.